Allspring Global Investments Holdings LLC Reduces Stake in DraftKings Inc. (NASDAQ:DKNG)

Allspring Global Investments Holdings LLC cut its stake in DraftKings Inc. (NASDAQ:DKNG) by 4.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,293,957 shares of the company’s stock after selling 106,374 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in DraftKings were worth $83,294,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of DKNG. Pine Valley Investments Ltd Liability Co increased its position in DraftKings by 3.7% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 6,924 shares of the company’s stock worth $271,000 after purchasing an additional 249 shares during the last quarter. Claro Advisors LLC increased its holdings in shares of DraftKings by 1.5% during the 4th quarter. Claro Advisors LLC now owns 18,093 shares of the company’s stock worth $673,000 after buying an additional 264 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of DraftKings by 0.6% during the 3rd quarter. Global Retirement Partners LLC now owns 47,067 shares of the company’s stock worth $1,845,000 after buying an additional 273 shares during the last quarter. Westside Investment Management Inc. raised its position in shares of DraftKings by 0.6% during the 4th quarter. Westside Investment Management Inc. now owns 45,118 shares of the company’s stock valued at $1,678,000 after buying an additional 288 shares during the period. Finally, Nvwm LLC lifted its holdings in DraftKings by 1.6% in the fourth quarter. Nvwm LLC now owns 19,343 shares of the company’s stock valued at $720,000 after acquiring an additional 312 shares during the last quarter. Hedge funds and other institutional investors own 37.70% of the company’s stock.

DraftKings Stock Up 4.6 %

DKNG stock opened at $45.44 on Thursday. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $49.57. The company’s 50 day moving average price is $40.31 and its 200 day moving average price is $38.51. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $22.16 billion, a price-to-earnings ratio of -51.64, a PEG ratio of 3.18 and a beta of 1.93.

Insiders Place Their Bets

In other news, insider R Stanton Dodge sold 228,496 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the transaction, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. This represents a 29.66 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul Liberman sold 200,000 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $39.00, for a total transaction of $7,800,000.00. Following the completion of the transaction, the insider now directly owns 1,342,722 shares in the company, valued at $52,366,158. This trade represents a 12.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 963,742 shares of company stock worth $38,082,888 in the last 90 days. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on DKNG. Macquarie raised their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Benchmark reaffirmed a “buy” rating and set a $44.00 target price on shares of DraftKings in a research note on Tuesday, January 7th. Wells Fargo & Company lifted their price target on shares of DraftKings from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. TD Cowen decreased their price objective on shares of DraftKings from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Tuesday, February 4th. Finally, Mizuho lifted their target price on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, DraftKings presently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.